Developers pitch Fulton & Market transformational brownfield plan for Grand Rapids riverfront; project cited at roughly $750M–$800M

Developers and city staff gave an informational briefing on a Fulton & Market transformational brownfield plan that would redevelop roughly 6.8 acres of riverfront surface parking and vacant lots into a dense, mixed-use riverfront project.

Brad Thomas, principal at Progressive Companies, described the site and a mixed-use concept that would place retail and restaurants along a promenade to the river, a 420,000-square-foot office tower atop a parking podium, and a northern podium with residential housing and a hotel. "We cast this vision of something that can be vibrant, mixed-use development, bringing workers and employees and shoppers and visitors to our community," Thomas said.

Joe Gastinelli of Michigan Growth Advisors presented the project's economic context and financing mechanics. He said the team now models the total project investment at "just shy of $800,000,000" and noted geotechnical conditions (the site was historically part of the Grand River) that drive up construction costs. "The site itself was formerly part of the Grand River... that creates very significant underground geotechnical work," Gastinelli said.

Gastinelli summarized the five revenue streams tied to a transformational brownfield plan: traditional property tax capture plus additional captures (construction-related cost capture, income-tax withholding capture, withholding related to construction employees, and sales-and-use tax capture or exemption). The team said those combined streams make projects of this scale financially feasible under the state transformational brownfield program, which they described as capped and not an open-ended fund.

Project components and public commitments presented included: - Housing: developers described residential components and differing counts in the presentation materials (Brad Thomas described towers with about 595 apartment units; other slides and speakers cited roughly 671 residential units). Developers said on-site economics support only a small number of affordable units (about 15 onsite in modeling) but proposed capturing a portion of brownfield revenue to deliver a larger off-site affordable housing contribution (Gastinelli described a projected contribution of about $8.5 million to the city's affordable housing fund over the 20-year revenue term). - Jobs: the team estimated roughly 1,900 permanent new jobs and thousands of construction job-years during the multi-year buildout; Gastinelli told commissioners the majority of anticipated office jobs (about 1,600 of 1,900) are expected to be living-wage roles while noting tenant hiring remains the control of future lessees. - Equity and contracting: the developers set a contracting goal of about $31 million for minority-, women- and locally owned firms as part of construction procurement. - Design and public access: plans emphasize river-edge activation, trail connectivity and increased public access to the shoreline.

Commissioners pressed the team on affordability trade-offs (onsite units versus off-site contributions), local hiring commitments and how captured revenues are used after incentive periods end. The mayor and staff said the city will provide additional analysis on how prior brownfield incentives have 'sunsetted' and how captured dollars flowed back to the city after incentive terms concluded.

The presenters outlined the public-review timeline: informational presentation to the Brownfield Redevelopment Authority (scheduled mid-October), a commission action to set a public hearing in late October, a public hearing in November and possible consideration in December; the team said Michigan Strategic Fund consideration would be sought next winter if the local approvals proceed.

No commission vote occurred on the brownfield plan at the meeting; the item was informational and will return for public hearing and formal consideration through established review bodies.

Next steps: the development team will continue outreach to neighborhood groups and stakeholders; the Brownfield Redevelopment Authority will consider a recommendation and, if favorable, the city commission will set a public hearing and accept public comment.